MKTG 201 Principles of Marketing Fall Semester 2017 Instructor Muhammad Luqman Awan Room No. 422 Office Hours Email luqman.awan@lums.edu.pk Telephone Secretary/TA TA Office Hours Course URL (if any) suraj.lums.edu.pk COURSE BASICS Credit Hours 3 Lecture(s) Nbr of Lec(s) Per Week 2 Duration 75 Recitation/Lab (per week) Nbr of Lec(s) Per Week Duration Tutorial (per week) Nbr of Lec(s) Per Week Duration COURSE DISTRIBUTION Core Elective Open for Student Category Close for Student Category Yes Sophomore, juniors, seniors Freshmen COURSE DESCRIPTION Marketing helps in understanding the consumption requirements of our markets. It is through the process of marketing that firms deliver their products to consumers such that it creates a win win situation both for the firm and consumers. This course aims to introduce fundamental concepts related to consumption marketplace (eg. Market types, competitive landscape) and marketing tools (eg. Segmentation/targeting, positioning, product, prince, promotion, place etc) tp successfully fulfill consumer needs and wants. The ultimate objective of all firm customer interaction is to create and manage long term profitable customer relationships by creating more and more value for customers. This course will enhance students problem solving and decision making abilities towards marketing related issues using customer centric approach. The course covers the following modules: Module 1: Marketing Fundamentals Module 2: Markets and Environment Module 3: Customer Driven Marketing Strategy and Marketing Mix Decisions Module 4: Marketing Practices and Ethics COURSE PREREQUISITE(S) None
COURSE LEARNING OBJECTIVES The course is designed to introduce students to basic marketing concepts, enable them to see inter linkages among these concepts and more importantly to develop them as independent reader of the discipline so that they can think marketing in their own unique way. Specifically, it aims to help students: 1. Understand why marketing is important 2. Develop and in depth understanding of fundamental marketing concepts, strategies and tools 3. Develop an analytical approach for marketing issues in the local landscape LEARNING OUTCOMES Successful completion of the course means students are able to; 1. Understand how to analyze the market and appreciate differences that exist between B2B AND B2C 2. Understand how firms use marketing to better connect with their markets 3. Understand the tools available to successfully market firm s products and services UNDERGRADUATE PROGRAM LEARNING GOALS & OBJECTIVES General Learning Goals & Objectives Goal 1 Effective Written and Oral Communication Objective: Students will demonstrate effective writing and oral communication skills Goal 2 Ethical Understanding and Reasoning Objective: Students will demonstrate that they are able to identify and address ethical issues in an organizational context. Goal 3 Analytical Thinking and Problem Solving Skills Objective: Students will demonstrate that they are able to identify key problems and generate viable solutions. Goal 4 Application of Information Technology Objective: Students will demonstrate that they are able to use current technologies in business and management context. Goal 5 Teamwork in Diverse and Multicultural Environments Objective: Students will demonstrate that they are able to work effectively in diverse environments. Goal 6 Understanding Organizational Ecosystems Objective: Students will demonstrate that they have an understanding of Economic, Political, Regulatory, Legal, Technological, and Social environment of organizations. Major Specific Learning Goals & Objectives Goal 7 (a) Discipline Specific Knowledge and Understanding Objective: Students will demonstrate knowledge of key business disciplines and how they interact including application to real world situations (Including subject knowledge). Goal 7 (b) Understanding the science behind the decision making process (for MGS Majors) Objective: Students will demonstrate ability to analyze a business problem, design and apply appropriate decision support tools, interpret results and make meaningful recommendations to support the decision maker Indicate below how the course learning objectives specifically relate to any program learning goals and objectives. PROGRAM LEARNING GOALS AND OBJECTIVES Goal 1 Effective Written and Oral Communication Goal 2 Ethical Understanding and Reasoning COURSE LEARNING OBJECTIVES Oral: Students are supposed to actively participate in the class and deliver professional oral presentation. Written: Students submit two different reports that involve substantial level of writing Ethical considerations will specifically be discussed in some sessions (i.e. 1, 18,19, 20, and 23) COURSE ASSESSMENT ITEM Class Participation and Projects Quizzes and Exam
Goal 3 Analytical Thinking and Problem Solving Skills Goal 4 Application of Information Technology Goal 5 Teamwork in Diverse and Multicultural Environments Students polish this skills via developing new product launch program and by conducting research report product category analysis N/A The course lays strong emphasis on team work by getting them involved in two different projects Projects Projects Goal 6 Understanding Organizational Ecosystems Goal 7 (a) Discipline Specific Knowledge and Understanding Goal 7 (b) Understanding the science behind the decision making process Few sessions are dedicated to understand the role of marketing in organizational ecosystems (i.e. 1, 2, 6, 21, and 22) Exhaustive coverage of important marketing topics This course focuses on how decision marketing decision making takes places in different type of markets (7, 8, and 9) and how different marketing tools influence these decision makers. Quizzes, Exam Class participation, Quizzes, Exams Class participation, Quizzes and Exam PROJECT DETAILS New product Marketing Plan: Objective: Generally, the subjective nature of marketing concepts makes it easy to understand but difficult to apply. This project will allow students to learn by applying these concepts to a new product in an integrated manner so that they can appreciate how these different concepts gel in together to create a synergy. Students are expected to develop a marketing plan integrating the material presentation in lectures and class activities in order to demonstrate their understanding. Project: Marketing plan will be developed for a new product. The selected product must be approved by the instructor. General contents to be covered: 1. Executive summary 2. Table of contents 3. How did you identify the need, for selected product in the market? 4. Market audit ( PEST Analysis + Competitor Analysis) 5. STP ( segmentation, targeting and positioning) 6. Marketing strategy (4Ps and changes in them along with the product life cycle) 7. Detailed product launch action program 8. Budgets ( simplified costing of the project till breakeven point) Deliverables: 1. Midterm (5% marks): point 3, 4, 5 and 6. 2. Presentation (10% marks): A presentation of the complete plan will have to be made in front of the class. (NOTE: please add notes on the slides so that the instructor can use them latter on to make a detailed review of the plan)
GRADING BREAKUP AND POLICY Quiz(s): 20% (4 announced quizzes with Class Participation: 20% Attendance: 5% (3 absences allowed and after that 1% will be deducted from the grade. Project: 25% Final Examination: 30% EXAMINATION DETAIL Midterm Exam No Final Exam Yes Combined Duration: 2.5 hours Exam Specifications: COURSE OVERVIEW LECTURE TOPICS RECOMMENDED READINGS OBJECTIVES/ APPLICATION Module 1: Marketing Fundamentals 1 Course Introduction & Defining Marketing 2 Developing a Marketing department 3 Marketing Strategy and Marketing Mix overview Chapter 1 Chapter 2 Chapter 2 Introduction to the course and Marketing (CLO # 2) Understanding the value addition that a functional marketing department can add to organizational dynamics (CLO # 2,) A brief holistic introduction to marketing elements which will subsequently be discussed in detail. (CLO # 2,3) 4 Quiz 1 Module 2: Markets and Environment 5 Analyzing the Marketing Environment Chapter 3 Analyzing micro and macro (PLEST analysis) environments (CLO # 1)
6 Marketing Information and Customer Insights Chapter 4 Understanding how to listen to customers voice (CLO # 1,2,3) 7 Consumer Markets Chapter 5 8 Consumer Buying Behavior 9 Business Buyer Behavior Chapter 6 Introduction to consumer consumption marketplace (CLO # 1) Understanding Consumer power. (CLO # 1,2) Industrial markets (B2B Markets) (CLO # 1, 2) 10 Quiz 2 Module 3: Customer Driven Marketing Strategy and Marketing Mix Decisions 11 12 13 14 15 Customer Driven Marketing Strategy Chapter 7 Introducing STP (Segmentation, Targeting and Positioning) (CLO # 2, 3) Products and Services Chapter 8 To understand what are products/services and their relations to consumer needs (CLO # 2, 3) Product Strategies Chapter 9 To understand the role of Test Marketing for new production and the evolution of strategy over a Product Life Cycle (CLO # 2, 3) Pricing Strategies Chapter 10 Introduction to important pricing concepts (CLO # 2, 3) Pricing Strategies Chapter 11 To understand how pricing decisions are adapted to situations (CLO # 2, 3) 16 Quiz 3 17 Market Channels Chapter 13 Introducing distribution (CLO # 2, 3) 18 IMC: Promotion Mix Chapter 14 Introducing promotion (CLO # 2, 3) 19 IMC: Advertising & PR Chapter 15 To understand the most familiar IMC tool i.e. advertising (CLO # 2, 3) 20 IMC: Personal Selling & Sales Promotion 21 Chapter 16 Quiz 4 To understand what are sales function and how they function differently from marketing (CLO # 2, 3)
Module 4: Marketing Practices and Ethics 22 Creating Competitive Advantage Chapter 18 23 Social Responsibility and Ethics Chapter 20 To understand how competitive pressures changes market situations and often force taking tough decisions (CLO # 1, 2) To appreciate that long term marketing is not without ethical considerations(clo # 2 ) 24 Quiz 5 25, 26, 27, 28 Class Choice and Presentations (CLO # 2, 3) TEXTBOOK(S)/SUPPLEMENTARY READINGS The instructor will use the following text book in the class: Kotler, P., Armstrong, G., Agnihotri, P.Y. and Haque E. (2010). Principles of Marketing A South Asian Perspective, 13th edition, ISBN: 978 0 13 607941 5